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Animal fat £5 note row

"Weighing the considerations, the Bank has now concluded that it would be appropriate to keep the £5 polymer note in circulation and to issue the £10 polymer note as planned in September," said the Bank of England in a statement.

It comes just weeks after the 48-year-old met representatives at the Bank to discuss the issue.

He said: "The fact that they've decided to go ahead and not withdraw and continue (circulating the notes), means they are forcing people who have religious and ethical objections to use something that's against their religious beliefs and their ethical beliefs.

"I'm most definitely as of now looking at legal advice and we will definitely be bringing a test case against them because I'm pretty sure we will win it."